Having the right insurance coverage is a common concern among all drivers. If you own your own business and happen to rely on vehicles to properly serve your customers, your worries most likely mount with each member of your mobile workforce. While having inadequate coverage is an expensive mistake, being over-insured could prove to be just as costly in the long run.
How Much Coverage Do I Need?
Unfortunately, this is an extremely convoluted question with no universal answer. Your coverage needs depend on a number of factors and will be unique to your business. Some of the finer points to consider include:
- How Your Fleet is Used: Do you transport people or products? Does your cargo consist of your own revolutionary products or the fruits of other companies’ innovations? Coverage varies by industry and use, so you’ll need a policy geared toward these aspects as they apply to your fleet.
- Consider Public Mindset: Lawsuits are on the rise, particularly in the personal injury realm. Should your cargo or even bystanders along your daily routes be harmed as a result of your drivers’ negligence, you’re the one who’ll be held accountable. Public liability insurance is a must-have regardless of the types of vehicles in your fleet or the nature of your business.
- Who Uses Your Vehicles: If you assign drivers to specific vehicles, you’ll need a “named” policy. In the event you aren’t sure of which employee will be behind the wheel of any given vehicle from one day to the next, “any driver” coverage would be the best way to go. Should you choose a “named” policy but end up rotating drivers, you may not be covered if the unexpected arises.
As a little extra bit of advice, factor your employees into the equation during your search for coverage. You can’t control others on the road, but you can choose who is allowed behind the wheels of your company vehicles. Perform a thorough investigation into your employees’ driving records before giving them access to your fleet.
These are only a few of the issues you’ll need to mull over when deciding which coverage is right for your fleet. Having adequate coverage without going overboard is the key to saving money on your monthly premiums as well as out-of-pocket oversights. If you’d like a little help in deciding what’s best for your business, visit here.